The Lavender Collection going for $138 mil

By Bong Xin Ying / EdgeProp Singapore | September 5, 2019 7:00 PM SGT
SINGAPORE (EDGEPROP) - The Lavender Collection, comprising 32 freehold shophouses along Lavender Street and Serangoon Road, has been put up for sale via public tender with a guide price of $138 million. The shophouses have a combined land area of approximately 49,244 sq ft and estimated gross floor area (GFA) of around 79,502 sq ft. JLL is the exclusive marketing agent of the collection.
Under the 2019 Draft Master Plan, the site is zoned for commercial use with a gross plot ratio of 3.0. The Lavender Collection has a combined main road frontage of over 300m and is within walking distance to Boon Keng and Farrer Park MRT Stations on the NorthEast Line and Bendemeer MRT Station on the Downtown Line.
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With the portfolio located within the Jalan Besar Secondary Settlement conservation area, the new owner can construct a six-storey rear extension at the back of the shophouses to double the portfolio’s GFA to 147,732 sq ft. This is subject to approval by the relevant authorities.
“With the prices of CBD shophouses rising over the last two years, we notice that investors are starting to divert their attention to city-fringe shophouses instead as prices have yet to catch up and rental yields are comparatively higher,” says Clemence Lee, senior director, capital markets, JLL. He expects interest from developers, real estate funds, family offices and local companies.
There is no additional buyer’s stamp duty or seller’s stamp duty imposed on the purchase of The Lavender Collection.
The public tender exercise closes on Wednesday, Oct 16, at 3pm.
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